Advice on Closing Credit Cards

I'm 24 and a recent college graduate who is currently unemployed. I own my home and have no mortgage. My cash situation is good. As of December, my FICO scores were all above 760. I've no plans to seek additional credit cards or loans, except possibly a student loan in the next 6-18 months.

I've Mastercard, Visa, BP, Best Buy and King Size cards with a total limit of $15500. I will keep Mastercard and Visa, which accounts for $14000. I want to close King Size, and I'm indifferent to Best Buy and BP. My Best Buy limit was just cut from $1800 to $300. I use my Visa for most purchases, however pay it off monthly. I rarely carry a balance on any of my cards. Is it ok to close some cards? How can I ensure my credit report reflects I requested the closure?

Re: Advice on Closing Credit Cards

If they have no fees, there's no real point in closing them. It's up to you, though. Since you currently have no open installment loans, you don't need to worry about having enough CC's to balance out loans, which always report a balance. (Keep this in mind if you wind up getting a SL, though.)

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